Liberty Global Ltd.LBTYA
Liberty Global Ltd. Debt Disclosure
Debt
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The U.S. dollar equivalents of the components of our debt are as follows:
| December 31, 2025 | Principal amount | ||||||||||||||||||||||||||||
| Weighted average interest rate (a) | Unused borrowing capacity (b) | ||||||||||||||||||||||||||||
| Borrowing currency | U.S. $ equivalent | December 31, | |||||||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||
| in millions | |||||||||||||||||||||||||||||
Telenet Credit Facility (c) | 5.13 | % | € | 535.0 | $ | 627.9 | $ | 4,748.0 | $ | 4,364.8 | |||||||||||||||||||
Telenet Senior Secured Notes | 4.72 | % | — | — | 1,633.7 | 1,558.8 | |||||||||||||||||||||||
VM Ireland Credit Facility (d) | 5.44 | % | € | 100.0 | 117.4 | 1,056.2 | 931.4 | ||||||||||||||||||||||
| Vendor financing (e) | 4.12 | % | — | — | 365.9 | 355.9 | |||||||||||||||||||||||
| Vodafone Collar Loan (f) | — | % | — | — | — | 1,301.9 | |||||||||||||||||||||||
| Other (g) | 4.68 | % | — | — | 781.0 | 632.2 | |||||||||||||||||||||||
| Total debt before deferred financing costs, discounts and premiums (h) | 5.01 | % | $ | 745.3 | $ | 8,584.8 | $ | 9,145.0 | |||||||||||||||||||||
The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| in millions | |||||||||||
Total debt before deferred financing costs, discounts and premiums | $ | 8,584.8 | $ | 9,145.0 | |||||||
Deferred financing costs, discounts and premiums, net | (23.0) | (78.1) | |||||||||
Total carrying amount of debt | 8,561.8 | 9,066.9 | |||||||||
Finance lease obligations (note 12) | 33.1 | 34.1 | |||||||||
Total debt and finance lease obligations | 8,594.9 | 9,101.0 | |||||||||
| Current portion of debt and finance lease obligations | (764.0) | (898.5) | |||||||||
Long-term debt and finance lease obligations | $ | 7,830.9 | $ | 8,202.5 | |||||||
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(a)Represents the weighted average interest rate in effect at December 31, 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not
include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of deferred financing costs and certain other obligations that we assumed in connection with certain acquisitions, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.79% at December 31, 2025. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings. For information regarding our derivative instruments, see note 8.
(b)Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2025 without regard to covenant compliance calculations or other conditions precedent to borrowing. The following table provides our borrowing availability and amounts available to loan or distribute in accordance with the terms of the respective subsidiary facilities, (i) at December 31, 2025 and (ii) upon completion of the relevant December 31, 2025 compliance reporting requirements. These amounts do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to December 31, 2025, or the full impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility.
| Availability | |||||||||||||||||||||||
December 31, 2025 | Upon completion of the relevant December 31, 2025 compliance reporting requirements | ||||||||||||||||||||||
| Borrowing currency | U.S. $ equivalent | Borrowing currency | U.S. $ equivalent | ||||||||||||||||||||
| in millions | |||||||||||||||||||||||
| Available to borrow: | |||||||||||||||||||||||
Telenet Credit Facility | € | 535.0 | $ | 627.9 | € | 625.0 | $ | 733.5 | |||||||||||||||
VM Ireland Credit Facility | € | 100.0 | $ | 117.4 | € | 100.0 | $ | 117.4 | |||||||||||||||
| Available to loan or distribute: | |||||||||||||||||||||||
Telenet Credit Facility | € | 535.0 | $ | 627.9 | € | 625.0 | $ | 733.5 | |||||||||||||||
VM Ireland Credit Facility | € | 100.0 | $ | 117.4 | € | 100.0 | $ | 117.4 | |||||||||||||||
(c)At December 31, 2025, unused borrowing capacity under the Telenet Credit Facility amounted to €535.0 million ($627.9 million), comprising (i) €490.0 million ($575.1 million) under Telenet Revolving Facility I (as defined below), (ii) €25.0 million ($29.3 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($23.5 million) under the Telenet Revolving Facility. With the exception of €90.0 million ($105.6 million) outstanding under Telenet Revolving Facility I, all components of the Telenet Credit Facility were undrawn at December 31, 2025. In June 2025, the underlying credit agreement was amended to (a) combine Telenet Revolving Facility A and Telenet Revolving Facility B into a single revolving facility (Telenet Revolving Facility I) with a final maturity date of May 31, 2029 and (b) increase total commitments under Telenet Revolving Facility I by €30.0 million ($35.2 million). In August 2025, commitments under Telenet Revolving Facility I were decreased by €20.0 million in conjunction with the execution of the Wyre Capex Facility (as defined and described under Financing Transactions below). In December 2025, €90.0 million was drawn under Telenet Revolving Facility I, reducing available capacity from €580.0 million ($680.7 million) to €490.0 million. These borrowings were repaid in January 2026, restoring total available capacity under Telenet Revolving Facility I to €580.0 million.
(d)Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($117.4 million) under the VM Ireland Revolving Facility, which was undrawn at December 31, 2025. In March 2025, commitments under the VM Ireland Revolving Facility were increased by €11.1 million ($13.0 million). The VM Ireland Revolving Facility now provides for maximum borrowing capacity of €100.0 million.
(e)Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses. These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g., extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable as debt on our consolidated
balance sheets. These obligations are generally due within one year and include VAT that was also financed under these arrangements. For purposes of our consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. During 2025 and 2024, the constructive cash outflow included in cash flows from operating activities and the corresponding constructive cash inflow included in cash flows from financing activities related to these operating expenses were $312.4 million and $372.3 million, respectively. Repayments of vendor financing obligations at the time we pay the financing intermediary are included in repayments and repurchases of debt and finance lease obligations in our consolidated statements of cash flows.
(f)As further described in note 7, the Vodafone Collar Loan was fully settled in 2025, resulting in a loss on debt extinguishment of $12.1 million related to the write-off of unamortized deferred financing costs and discounts.
(g)At December 31, 2025 and 2024, amounts include (i) $228.4 million and $195.8 million, respectively, of debt collateralized by certain trade receivables of Telenet and (ii) $423.4 million and $390.5 million, respectively, of liabilities related to Telenet’s acquisition of mobile spectrum licenses. Telenet will make annual payments for the license fees over the terms of the respective licenses. In addition, the amount at December 31, 2025 includes £14.7 million ($19.8 million) of debt drawn on a £175.9 million ($236.6 million) capital expenditure term loan facility at Egg Power AssetCo Limited, a subsidiary of Liberty Global (the Egg Power Capex Facility). The Egg Power Capex Facility matures on December 31, 2032 and bears interest at a rate of SONIA + 1.7%, subject to a SONIA floor of 0.0%. Accordingly, unused borrowing capacity at December 31, 2025 excludes the availability under the Egg Power Capex Facility.
(h)As of December 31, 2025 and 2024, our debt had an estimated fair value of $8.6 billion and $9.0 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 9.
General Information
At December 31, 2025, most of our outstanding debt had been incurred by one of our two subsidiary “borrowing groups.” References to these borrowing groups, which comprise Telenet and VM Ireland, include their respective restricted parent and subsidiary entities.
Credit Facilities. Each of our borrowing groups has entered into one or more credit facility agreements with certain financial and other institutions. Certain of our credit facilities provide for adjustments to our borrowing rates based on the achievement, or otherwise, of certain sustainability-linked metrics. Each of these credit facilities contain certain covenants, the more notable of which are as follows:
•Our credit facilities contain certain consolidated net leverage ratios, as specified in the relevant credit facility, which are required to be complied with (i) on an incurrence basis and/or (ii) when the associated revolving credit facilities have been drawn beyond a specified percentage of the total available revolving credit commitments on a maintenance basis;
•Subject to certain customary and agreed exceptions, our credit facilities contain certain restrictions which, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to their direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions;
•Our credit facilities require that certain members of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such group members are required to grant first-ranking security over their shares and, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder;
•In addition to certain mandatory prepayment events, our credit facilities provide that the instructing group of lenders under the relevant credit facility, under certain circumstances, may cancel the group’s commitments thereunder and declare the loan(s) thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility);
•Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions, materiality qualifications and cure rights, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) declare that all or part of the loans be payable on demand and/or (iii) accelerate all outstanding loans and terminate their commitments thereunder;
•Our credit facilities require members of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions; and
•In addition to customary default provisions, our credit facilities generally include certain cross-default or cross-acceleration provisions with respect to other indebtedness of members of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions.
Senior and Senior Secured Notes. From time to time, certain of our borrowing groups may issue senior and/or senior secured notes. In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future senior debt of such issuer and are senior to all existing and future subordinated debt of such issuer within the relevant borrowing group, (ii) contain, in most instances, certain guarantees from other members of the relevant borrowing group (as specified in the applicable indenture) and (iii) with respect to our senior secured notes, are secured by certain pledges or liens over the shares of certain members of the relevant borrowing group and, in certain borrowing groups, over substantially all of their assets. In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows:
•Our notes contain certain customary incurrence-based covenants. In addition, our notes provide that any failure to pay principal at its stated maturity (after giving effect to any applicable grace period) of, or any acceleration with respect to, other indebtedness of the issuer or certain subsidiaries over agreed minimum thresholds (as specified under the applicable indenture) is an event of default under the respective notes;
•Subject to certain customary and agreed exceptions, our notes contain certain restrictions that, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to its direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions;
•If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must, subject to certain customary and agreed exceptions, offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101%;
•Our senior secured notes contain certain early redemption provisions including the ability to, during each 12-month period commencing on the issue date for such notes until the applicable call date, redeem up to 10% of the principal amount of the notes at a redemption price equal to 103% of the principal amount of the notes to be redeemed plus accrued and unpaid interest; and
•Our notes are non-callable prior to their respective call date (as specified under the applicable indenture). At any time prior to the applicable call date, we may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable indenture). On or after the applicable call date, we may redeem some or all of these notes at various redemption prices plus accrued interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date.
SPE Notes. From time to time, we create special purpose financing entities (SPEs), some of which are owned by the relevant borrowing group and some of which are owned by third parties (Third-Party SPEs). These SPEs are created for the primary purpose of facilitating the offering of senior secured notes, which we collectively refer to as “SPE Notes.”
The SPEs use the proceeds from the issuance of SPE Notes to fund term loan facilities under the credit facilities made available to their respective borrowing group, each a “Funded Facility” and collectively the “Funded Facilities.” Each SPE is dependent on payments from the relevant borrowing entity under the applicable Funded Facility in order to service its payment obligations under each respective SPE Note. Each of the Funded Facility term loans creates a variable interest in the respective Third-Party SPE for which the relevant borrowing entity is the primary beneficiary. Accordingly, such Third-Party SPEs are consolidated by the relevant parent entities, including Liberty Global. As a result, the amounts outstanding under the Funded Facilities of the SPEs owned by the relevant borrowing group and the Third-Party SPEs are eliminated in the consolidated financial statements of the respective borrowing group and Liberty Global.
Pursuant to the respective indentures for the SPE Notes (the SPE Indentures) and the respective accession agreements for the Funded Facilities, the call provisions, maturity dates and applicable interest rates for each Funded Facility are the same as those of the related SPE Notes. The SPEs, as lenders under the relevant Funded Facility for the relevant borrowing group, are treated the same as the other lenders under the respective credit facility, with benefits, rights and protections similar to those afforded to the other lenders. Through the covenants in the applicable SPE Indentures and the applicable security interests over the relevant SPE’s rights under the applicable Funded Facility granted to secure the relevant SPE’s obligations under the relevant SPE Notes, the holders of the SPE Notes are provided indirectly with the benefits, rights, protections and covenants granted to the SPEs as lenders under the applicable Funded Facility. The SPEs are prohibited from incurring any additional indebtedness, subject to certain exceptions under the SPE Indentures.
The SPE Notes are non-callable prior to their respective call date (as specified under the applicable SPE Indenture). If, however, at any time prior to the applicable call date, all or a portion of the loans under the related Funded Facility are voluntarily prepaid (a SPE Early Redemption Event), then the SPE will be required to redeem an aggregate principal amount of its respective SPE Notes equal to the aggregate principal amount of the loans prepaid under the relevant Funded Facility. In general, the redemption price payable will equal 100% of the principal amount of the applicable SPE Notes to be redeemed and a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable SPE Indenture).
Upon the occurrence of a SPE Early Redemption Event on or after the applicable call date, the SPE will redeem an aggregate principal amount of its respective SPE Notes equal to the principal amount prepaid under the related Funded Facility at a redemption price (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable SPE Indenture), if any, to the applicable redemption date.
Financing Transactions
Below we provide summary descriptions of certain financing transactions completed during 2025.
Telenet
In February 2025, Telenet entered into a €500.0 million ($586.8 million) sustainability-linked term loan facility (Telenet Facility AU). Telenet Facility AU was issued at 99.75% of par, matures on March 31, 2033 and bears interest at a rate of EURIBOR + 3.0%, subject to a EURIBOR floor of 0.0%. The interest rate on Telenet Facility AU is subject to adjustment based on Telenet’s achievement or otherwise of certain environmental, social and governance metrics. The net proceeds from Telenet Facility AU were used to refinance €500.0 million of the €890.0 million ($1,044.5 million) outstanding principal amount under Telenet Facility AT1. In connection with this transaction, Telenet recognized a loss on debt extinguishment of $8.0 million related to the write-off of unamortized deferred financing costs and discounts.
In August 2025, Wyre entered into a €500.0 million standalone capital expenditure term loan facility (the Wyre Capex Facility). The Wyre Capex Facility bears interest at a rate of EURIBOR + 2.75%, subject to a EURIBOR floor of 0.0%, and matures five years after the initial drawdown, which has yet to occur. The maturity date may be extended by Wyre two additional times, each extending the maturity date by one year. When drawn, the proceeds from the Wyre Capex Facility will be used to fund the roll-out of Wyre’s fiber network and for general corporate purposes. Accordingly, unused borrowing capacity at December 31, 2025 excludes the availability under the Wyre Capex Facility.
Maturities of Debt
Maturities of our debt as of December 31, 2025 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on December 31, 2025 exchange rates.
| Telenet | VM Ireland | Other (a) | Total | ||||||||||||||||||||
| in millions | |||||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||||
2026 (b) | $ | 733.0 | $ | — | $ | 23.4 | $ | 756.4 | |||||||||||||||
| 2027 | 24.7 | — | 57.1 | 81.8 | |||||||||||||||||||
| 2028 | 4,445.6 | — | — | 4,445.6 | |||||||||||||||||||
| 2029 | 1,327.8 | 1,056.2 | — | 2,384.0 | |||||||||||||||||||
| 2030 | 25.9 | — | — | 25.9 | |||||||||||||||||||
| Thereafter | 891.1 | — | — | 891.1 | |||||||||||||||||||
| Total debt maturities | 7,448.1 | 1,056.2 | 80.5 | 8,584.8 | |||||||||||||||||||
| Deferred financing costs, discounts and premiums, net | (13.7) | (3.7) | (5.6) | (23.0) | |||||||||||||||||||
| Total debt | $ | 7,434.4 | $ | 1,052.5 | $ | 74.9 | $ | 8,561.8 | |||||||||||||||
Current portion | $ | 733.0 | $ | — | $ | 23.4 | $ | 756.4 | |||||||||||||||
| Long-term portion | $ | 6,701.4 | $ | 1,052.5 | $ | 51.5 | $ | 7,805.4 | |||||||||||||||
(a)Includes $58.7 million of debt collateralized by certain trade receivables of Formula E.
(b)Amounts include vendor financing obligations of $365.9 million at Telenet.
Vendor Financing Obligations
A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below:
| 2025 | 2024 | ||||||||||
| in millions | |||||||||||
| Balance at January 1 | $ | 355.9 | $ | 399.1 | |||||||
| Operating-related vendor financing additions | 312.4 | 372.3 | |||||||||
| Capital-related vendor financing additions | 99.6 | 86.8 | |||||||||
| Principal payments on operating-related vendor financing | (369.4) | (363.7) | |||||||||
| Principal payments on capital-related vendor financing | (79.6) | (114.0) | |||||||||
| Foreign currency and other | 47.0 | (24.6) | |||||||||
| Balance at December 31 | $ | 365.9 | $ | 355.9 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 16, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.